The impact of the hottest WTO on the future trend

2022-08-06
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The impact of WTO on the future trend of asset restructuring

once WTO was a very distant thing, but today it has come to us. After signing the agreement with the United States, the biggest obstacle, everyone realized that the WTO was close at hand. Many assumptions are meaningless. What we must face is a specific clause, which is the fact that we will really face in the future. As a result, various discussions and disputes arose. I really hope that one day, facing the impact of the WTO, it will be like the occurrence of some asset restructuring that we have turned a blind eye to: the story of a sparrow changing into a phoenix is being played every day, and no one is surprised. Everyone just thinks that they also have a phoenix in the future. WTO and asset restructuring, two seemingly irrelevant topics, are in fact inextricably linked

according to the provisions of GATS in 1994, there are 16 items involving financial services. Our analysis shows that there are two items related to the securities opening business: (1) participating in the issuance of various securities, including subscription and agency services and the provision of relevant issuance services; (2) Asset management refers to the management of cash or securities, the management of various forms of collective investment, annuity management, supervision, custody and trust services. In the agreement signed with the United States, the WTO's entry related to the securities market in the financial field is that a few joint ventures can engage in the same fund management business as Chinese companies, and engage in the issuance of domestic securities and securities trading denominated in foreign currencies (including bonds and stocks). For fund management companies, the initial foreign holding ratio is 33%, which can be increased to 49% after three years; The proportion of securities companies engaged in underwriting business is 33%. As the negotiations with the EU have not been finally concluded, its requirements in this field are unknown, but it is estimated that there is a limited difference with the provisions of the United States. Based on the analysis of these terms, the scope of WTO's entry into the securities industry has been limited to primary market underwriting and fund business for a long time, and on the surface, it does not have a deep involvement in other businesses; It seems that except for some securities companies and management who need more attention, other parties no longer need to think deeply. Many things can still maintain the status quo, including restructuring. Of course, there are also some industries that have been impacted. On the second day after the signing of the agreement, the impacted industries, led by the automobile sector and the communication sector, led the decline in the secondary market, while the textile sector, which has been limiting production and pressing ingots and taking turning losses as the industry's first goal, was elated. In fact, after a period of time, you will forget all this. In fact, the automobile sector rarely plays a leading role in the domestic secondary market. As a highly profitable industry in China, no one will give up, and no one will no longer care about it in the secondary market. Even if the textile sector benefits from the opening up of the market, it will have to wait a few years, and it still needs patience. Maybe after a period of time, the market will be the same as before

after saying a lot, we should pay more attention to the Countermeasures after impact, especially the restructuring of Listed Companies in the secondary market. After all, the reorganization of listed companies occurs almost every day in the securities market, which has become an important means to optimize the scarce resources in the market and enhance the competitiveness of listed companies. It is true that the so-called reorganization, which is purely for manipulation, should be put an end to this phenomenon in the future

in order to adapt to the progress of WTO, financial supervision will be strengthened, and it is inevitable to connect with the world. The detailed financial standards make it difficult to manipulate profits

China's securities market is still in the development stage. With the development of technology and the growth of the market, it is inevitable to go through the process from non-standard to standard. This is also true in some financial systems. It has been noted that recently, the "year-end surprise restructuring" of listed companies has begun to decrease significantly, which is closely related to the standardization of the corresponding system since 1998. According to some uncoordinated cases in the securities market, the relevant departments have successively issued a series of relevant regulations and bills. Whether it is related party transactions or the accrual of various reserves, the core purpose is to make the financial system of listed companies more reasonable, the authenticity of profits stronger, investors and listed companies in an equal position, so that China's securities market can develop steadily

the performance of listed companies is closely related to the source of enterprise funds. In the absence of an effective way to obtain funds, share allotment has almost become the main means for listed companies to raise follow-up development funds. In order to restrict the effectiveness of enterprise operation and safeguard shareholders' rights and interests, the regulatory authorities have formulated some preconditions for share allotment. This is no less than an insurmountable gap for some listed companies with mediocre performance. On weekdays, you can still be reserved and wait, but you can't take much care of it at the end of the new year. The degree of anxiety is directly proportional to the degree of compliance with the conditions for allotment. Of course, if a listed company has the big tree of group holding company, it can also enjoy the cool; If there is no one to rely on, you can only "go to the doctor in disorder when you are ill", and the most important thing is to keep the qualification of allotment

in order to stop the occurrence of the above phenomena, the relevant regulatory authorities relaxed the conditions for share allotment, which eased the situation to a certain extent. The more important means is still the specific accounting implementation rules. In fact, constraints are for the healthy development of listed companies. It must be acknowledged that the companies listed only in the domestic A-share market, due to the differences between financial policies and international ones, have a looser grasp of the corresponding systems than those domestic and foreign capital shares such as B shares, H shares, n shares or overseas listed companies. Take Maanshan Iron and Steel Co., Ltd. as an example. At the end of 1998, it made a provision for bad debts of 170million yuan for 230million yuan of loans from financial institutions. This part of the deposits failed to be recovered and led to lawsuits. In fact, Maanshan Iron and Steel Co., Ltd. has won the lawsuit, but it has encountered some problems in implementation; But after all, this prudence is commendable. In the past, some enterprises had to make some difficulties in the financial system in the process of listing overseas. With the realization of WTO in the future, after a period of adaptation, the integration of the securities market and the international market is inevitable. It is better to take action now and actively cooperate to adapt to the national financial regulations and policies than to bear hardships at that time. As far as restructuring is concerned, the purpose of restructuring should not be that the lower beam can be lowered or lowered along the lead screw in a short time. At any time, people welcome listed companies to make full use of such scarce resources, but oppose the shortsightedness of piecemeal behavior

the domestic economy is integrated with the world economy, and enterprises should consider the choice of industries when restructuring

with the continuous tide of world economic integration, it is difficult for any country or region to exist without this environment. After joining the WTO, this phenomenon will be more obvious. Even if there will be a buffer period in a certain domestic field in a short time, the long-term trend cannot be changed. Therefore, we must be cautious about the industries that listed companies should be involved in when restructuring. The temporary high profitability does not necessarily mean high return in the future

at present, the high-tech field with high profitability in China has a wide range, including communication, computer, network, bioengineering, new materials and so on. They represent the top level of science and technology in the world today, and they are also the core key to play a leading role in economic development in the next century. In this way, it is very unlikely that listed companies will fall behind in these fields in China. It also conforms to the world trend, but the fact is just the opposite. Take the computer field as an example. In fact, the core technology of hardware manufacturing is often in the hands of a few companies in the world. Only a few companies in China are close to the world's advanced level, but they just "follow behind" and cannot develop independently; In fact, most companies are still at the "saving" level, and their profits depend on the suppliers and their own scale advantages. However, compared with the world giants such as Dell, they are only a drop in the ocean. It is inconceivable that once the latter companies have stationed troops in China, the impact on this field will be unimaginable. As a result, many listed companies will be ashamed of their "high-tech" masks, and the impact of the market will be much more serious than now. In the software field, Microsoft's dominance in the operating system is prohibitive when the width is 20.12 mm. However, in the application system, domestic developers have their own uniqueness. The complexity of the domestic software application environment limits the universality of the software, and the developers provide a variety of services to customers. If necessary, the application software needs to be changed. According to this analysis, the advantages of domestic enterprises in application software will be extended for a long time, and the growth of listed companies engaged in related industries will be better. The concepts in other fields are basically similar

it can be seen that the choice of industry plays a significant role in the future asset restructuring. It is necessary to carefully treat the prospects of advantageous enterprises in combination with the future economic development trend. Such a choice is a safe and long-term one

encourage enterprises to grow and take the leading position in the industry

in fact, the future trend of asset restructuring will be more mergers and integration within the industry, which is in line with the development direction of the world economy. Since the 1990s, the reorganization and merger among the world's multinational corporations have emerged one after another. Companies ranking high in various industries have adopted this practice. Some of them are to consolidate their leading position in the leading industry and widen the gap with other enterprises; It is more to strive for the monopoly position in the industry, reasonably allocate and make full use of the resources between the merging parties, and expand the market share. As the foreign securities market is more developed than the domestic one, and there are many ways of equity acquisition and replacement, it is relatively easier to deal with, and it also protects the interests of investors. The special domestic market environment makes this phenomenon more administrative in the securities market. After all, enterprises should be supported by relevant national policies in the choice of listing, so a series of behaviors in the future can not be completely based on the choice of listed companies. No matter what, the regulators should strongly support the growth and development of listed companies

China was originally a planned economy system. Before the reform and opening up, the division of labor among enterprises was clear. Although some enterprises lacked process flow, they had a high degree of professional division of labor. In the planned economy stage, they still had reliable mandatory planning and coordinated production. With the development of market economy, the state has relaxed the macro-control, and the original complementary enterprises independently develop their own production processes for their own interests. In addition, in order to develop the regional economy, local governments also give support to local enterprises and encourage their development. As a result, a large number of enterprises with unreasonable economic scale have emerged one after another, and the phenomenon of repeated construction is very serious. What cannot be ignored is that these enterprises still play a very important role in local areas, contributing to profits and taxes and solving the employment of employees. The scale effect of many enterprises is not very obvious. In the current competitive market economic environment, without the support of local policies, a considerable number of enterprises are difficult to support independently. It can not be denied that some enterprises are still at the lower level of medium scale after being restructured and listed. The effect of this balanced effort is self-evident. The gap between China and foreign countries in many fields is not a simple order of magnitude. We should cherish the resource advantages of listed companies and the short time difference before entering the market

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